December 18, 2018 by
Miriam Rozen

Wirehouse UBS has joined a lengthening queue of plaintiffs filing lawsuits against Ohio National Financial Services for its decision to terminate variable annuities selling agreements with broker-dealers and to stop paying trailing commissions.

On Dec. 13, UBS filed its complaint in federal court in New Jersey, claiming Ohio National “threatened to deprive UBS and its financial advisors of their bargained-for compensation” for selling and servicing variable annuity products.

Previously, based on similar allegations, Veritas Independent Partners, a Conway, Ark.-based broker-dealer, filed a lawsuit, as did an LPL Financial broker who sought to represent a class of plaintiffs against Ohio National.